Oman Tourism Development Company (OMRAN Group) has made significant strides in 2023, achieving a record-breaking financial and operational performance with a net profit of OMR31.6 million and a 44.6 percent revenue growth, reaching OMR70.4 million. This success can be attributed to the support of the Group’s Board of Directors, Executive Management, and strategic partnerships within the tourism sector, in addition to the country’s economic growth. The Group experienced an 8 percent increase in the occupancy rate of its resorts and hotels, welcoming a total of 774,881 guests, an 11.5 percent increase compared to the previous year.
During a recent Board of Directors meeting, the Group reaffirmed its commitment to driving economic diversification and investing in the tourism sector. The success in financial and operational performance was achieved through efficient planning and implementation, resulting in high revenue rates from resorts, hotels, existing projects, and new tourism experiences. The Group’s total assets value and equity have also seen substantial growth, reflecting a strong focus on maximizing the tourism sector’s potential and achieving diversification through sustainable projects.
In alignment with the royal directives of His Majesty Sultan Haitham bin Tarik to enhance local value-added programmes and support SMEs, OMRAN Group has been dedicated to promoting local content in its investments, businesses, and activities. The Group achieved a record 51 percent in local added value index, with significant spending on national products, local services, and SMEs. This commitment to supporting local companies, creating job opportunities, and empowering Omani talents underscores the Group’s efforts to contribute to the growth and development of Oman’s economy.
OMRAN Group’s focus on enhancing financial and operational performance, improving operating expenses, and boosting the competitive capabilities of its assets positions it as a leading catalyst for development and investment in the tourism sector. By investing in sustainable projects that align with international tourism trends and leverage Oman’s unique elements, the Group aims to maximize the sector’s potential and drive tourism diversification. This strategic approach ensures continued success and growth for OMRAN Group and contributes to the overall economic development of Oman.
The Group’s commitment to supporting SMEs and promoting local content underscores its dedication to enhancing the local economy and creating opportunities for Omani businesses and talents. By prioritizing investments in local products and services, OMRAN Group reinforces its role as a key player in sustainable and inclusive economic growth. This strategic focus on local value-added programmes not only benefits the Group but also contributes to the overall prosperity and development of Oman’s economy.
Overall, OMRAN Group’s record-breaking financial and operational performance in 2023 highlights its success in driving economic diversification, supporting SMEs, and promoting local content. Through strategic partnerships, efficient operational performance, and sustainable investments, the Group continues to play a crucial role in driving growth and development in Oman’s tourism sector. With a focus on maximizing the sector’s potential and enhancing local value-added programmes, OMRAN Group is poised for continued success and growth in the coming years.
